West Michigan Advisors LLC lessened its stake in Salesforce Inc. (NYSE:CRM - Free Report) by 84.8% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 2,061 shares of the CRM provider's stock after selling 11,491 shares during the period. West Michigan Advisors LLC's holdings in Salesforce were worth $553,000 at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its stake in shares of Salesforce by 926.4% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 4,256,211 shares of the CRM provider's stock worth $1,422,979,000 after purchasing an additional 3,841,521 shares in the last quarter. GAMMA Investing LLC grew its stake in shares of Salesforce by 30,456.9% during the first quarter. GAMMA Investing LLC now owns 3,801,588 shares of the CRM provider's stock worth $1,020,194,000 after purchasing an additional 3,789,147 shares in the last quarter. Invesco Ltd. grew its stake in shares of Salesforce by 42.5% during the fourth quarter. Invesco Ltd. now owns 7,791,015 shares of the CRM provider's stock worth $2,604,770,000 after purchasing an additional 2,325,156 shares in the last quarter. Northern Trust Corp grew its stake in shares of Salesforce by 18.3% during the fourth quarter. Northern Trust Corp now owns 11,224,927 shares of the CRM provider's stock worth $3,752,830,000 after purchasing an additional 1,736,667 shares in the last quarter. Finally, Pacer Advisors Inc. grew its stake in shares of Salesforce by 1,744.0% during the first quarter. Pacer Advisors Inc. now owns 1,820,262 shares of the CRM provider's stock worth $488,486,000 after purchasing an additional 1,721,550 shares in the last quarter. Institutional investors and hedge funds own 80.43% of the company's stock.
Wall Street Analyst Weigh In
A number of equities analysts recently commented on the stock. DA Davidson reiterated an "underperform" rating and set a $200.00 target price on shares of Salesforce in a research note on Wednesday, May 28th. JMP Securities restated a "market outperform" rating and issued a $430.00 price objective on shares of Salesforce in a research note on Friday, July 11th. Mizuho decreased their price objective on shares of Salesforce from $425.00 to $380.00 and set an "outperform" rating for the company in a research note on Thursday, May 15th. UBS Group set a $404.00 price objective on shares of Salesforce and gave the company an "overweight" rating in a research note on Wednesday, June 18th. Finally, Morgan Stanley restated an "overweight" rating and issued a $404.00 price objective (up previously from $393.00) on shares of Salesforce in a research note on Thursday, May 29th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-seven have given a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $348.16.
Read Our Latest Analysis on CRM
Insider Transactions at Salesforce
In related news, CEO Marc Benioff sold 2,250 shares of Salesforce stock in a transaction on Monday, August 4th. The shares were sold at an average price of $252.42, for a total transaction of $567,945.00. Following the sale, the chief executive officer owned 11,911,571 shares of the company's stock, valued at $3,006,718,751.82. The trade was a 0.02% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Over the last quarter, insiders have sold 44,229 shares of company stock worth $11,898,691. Insiders own 3.20% of the company's stock.
Salesforce Price Performance
Shares of CRM stock traded up $1.38 during trading hours on Wednesday, hitting $248.87. The company's stock had a trading volume of 5,827,156 shares, compared to its average volume of 5,861,031. The stock has a market cap of $237.92 billion, a price-to-earnings ratio of 38.95, a P/E/G ratio of 2.25 and a beta of 1.37. The business has a fifty day moving average of $265.03 and a 200-day moving average of $280.90. Salesforce Inc. has a twelve month low of $230.00 and a twelve month high of $369.00. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.14.
Salesforce (NYSE:CRM - Get Free Report) last posted its earnings results on Wednesday, May 28th. The CRM provider reported $2.58 earnings per share for the quarter, beating the consensus estimate of $2.55 by $0.03. The business had revenue of $9.83 billion for the quarter, compared to analyst estimates of $9.74 billion. Salesforce had a net margin of 16.08% and a return on equity of 12.94%. The business's quarterly revenue was up 7.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.44 EPS. As a group, equities research analysts anticipate that Salesforce Inc. will post 7.46 EPS for the current year.
Salesforce Cuts Dividend
The company also recently declared a quarterly dividend, which was paid on Thursday, July 10th. Investors of record on Wednesday, June 18th were paid a dividend of $0.416 per share. The ex-dividend date of this dividend was Wednesday, June 18th. This represents a $1.66 annualized dividend and a yield of 0.7%. Salesforce's payout ratio is 25.98%.
About Salesforce
(
Free Report)
Salesforce, Inc provides Customer Relationship Management (CRM) technology that brings companies and customers together worldwide. The company's service includes sales to store data, monitor leads and progress, forecast opportunities, gain insights through analytics and artificial intelligence, and deliver quotes, contracts, and invoices; and service that enables companies to deliver trusted and highly personalized customer support at scale.
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